PARSIQ (PRQ) Soars 27% as Reactive Mainnet Goes Live

PARSIQ (PRQ), a blockchain connectivity layer and development platform, has seen a significant surge in its token value, soaring 27% following the successful launch of its Reactive Network mainnet. This pivotal development marks a transformative phase for the platform and underscores its commitment to advancing blockchain technology.

“After a successful Testnet with well over 4M transactions, 200M origin events processed, and dozens of innovative dApps and use cases devised, we’ve finally reached the day to launch the Reactive Network Mainnet!” the team said.

Available Reactive Network Supports

According to an official announcement, Reactive Network will support Ethereum Mainnet, Avalanche C-Chain, Base Chain, Binance Smart Chain, and Polygon PoS as origin and destination chains.

The platform noted that it will also launch its Token Portal, which allows users to swap their $PRO to PRQ and vice versa. It added that since Reactive Network operates on a Proof of Stake consensus mechanism, staking will be available from the start day, beginning with delegated staking, accessed through the Token Portal.

Launched in 2019, PARSIQ strives to make blockchain events accessible and blockchain data actionable, enabling users to monitor any events across different blockchains in real-time and at scale.

Concurrent with the mainnet launch, the platform initiated a token migration process, allowing PRQ holders to swap their tokens for the new REACT tokens. The migration is designed to be seamless, with no immediate deadlines, ensuring all users have ample time to transition their holdings. The REACT token will serve as the core utility token of the Reactive Network, facilitating various functions such as transaction fees, validator staking, and event log processing fees.

Over 2M Transactions Processed

Before the mainnet launch, the Reactive Network’s testnet, Kopli, demonstrated remarkable performance metrics. It processed over 2.7 million transactions and 1.19 million blocks, onboarded more than 437 developers, and saw the deployment of over 74 dApps. These figures highlight the network’s robustness and the community’s enthusiasm for the new capabilities introduced by Reactive Smart Contracts.

Meanwhile, the Mainnet wouldn’t function without its core component, the REACT token, which also goes into circulation and serves several purposes within the Reactive Network ecosystem. According to the latest announcement, the platform’s staking terms have been adjusted from 6 months to 3 months.

Participation & Rewards

With the mainnet launch, PARSI introduced staking opportunities for REACT holders. Users can now participate in securing the network by staking their tokens, thereby earning validator rewards. This initiative not only incentivizes community engagement but also strengthens the overall security and decentralization of the Reactive Network.

While its core Reactive operation is similar to Ethereum’s model, it also has distinct differences that set it apart. These include burning all transaction fees, validator rewards from new token emissions, inflation and deflation balancing, and epoch-based inflationary stages.

Furthermore, the network’s economic cycle progresses through three stages, including early expansion, featuring higher inflation and increased rewards to encourage adoption; growth, where inflation moderates and rewards gradually decrease as the network develops; and maturity, where inflation stabilizes and rewards decline as the network reaches full stability.

Notably, activities in the trading volume reflect a strong community engagement despite the ongoing market setbacks. PRQ is currently trading at $0.1611, with a market cap of $47 million.

The post PARSIQ (PRQ) Soars 27% as Reactive Mainnet Goes Live appeared first on Cointab.